Jay Z is entering the world of venture capital.
According to Axios’ Dan Primack, the rapper and music mogul is launching a VC fund along with Roc Nation President Jay Brown. The pair are looking to add a third investment partner and plan to team up with Sherpa Capital to launch the fund, Axios reports.
We’ve reached out to representatives for Jay Z, and we’ll update this story if we hear back.
Jay Z, whose real name is Shawn Carter, has been investing in tech startups since at least 2012. Both Carter and Brown invested in Uber’s Series B, according to Axios, and Carter has invested in three other startups: the high-tech-luggage maker Away, the nail-parlor company Julep, and the private-jet startup JetSmarter.
Carter is also the co-owner of the music-streaming service Tidal.
Carter and Brown’s fund will focus on seed-stage companies, but the fund size hasn’t yet been confirmed, according to Axios.